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Bankruptcy

Bankruptcy

For most people, bankruptcy sounds like a complete disaster, and it certainly requires careful thought and specialist advice. However, bankruptcy can enable you make a fresh start by writing off all your unsecured debts.

Bankruptcy can affect your job, home and credit rating, so although it may prove to be the best step for your particular situation, we will ensure you have access to the correct professional advice before applying for it.

People apply for bankruptcy when they are struggling with debts that they can't afford to pay off and when there is little realistic prospect that their financial situation will improve. If the court agrees that bankruptcy is the only way to deal with your debts in a reasonable period of time, it will grant a Bankruptcy Order.

When a bankruptcy petition is filed with the court, there are two fees to pay. In England and Wales these are the court fee of £175 (this could be waived in certain circumstances) and the obligatory Official Receiver's fee of £525, which is unavoidable.

You will usually be discharged from bankruptcy after one year (in the case of your first bankruptcy), although bankruptcy will almost certainly affect your credit rating for a number of years afterwards. The Official Receiver may choose to sell any valuable assets that you have, and use the proceeds to repay some of your debts.

Bankruptcy needs very careful consideration, but if it is the best option for you, we will help you every step of the way.

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